Last Updated on: 17th July 2023, 12:24 am
Government Approves Karachi Port Agreement With UAE
The Cabinet Committee on Intergovernmental Trade Transactions (CCoIGCT) has examined a summary by the Ministry of Maritime Affairs for a framework agreement between the United Arab Emirates and Pakistan on ports and shipping.
The CCoIGCT meeting, chaired by Finance Minister Ishaq Dar, discussed the proposal for a G2G agreement under the Intergovernmental Business Transactions Act 2022.
After a lengthy discussion, the committee recommended that the draft framework agreement be approved by the Federal Cabinet.
The framework agreement aims to create favorable conditions for the Karachi Port Trust Container Terminal in Karachi. Contains six commissioning documents for Pakistan International Container Terminal (PICT), Karachi. The transaction is financed by the United Arab Emirates.
The Ministry of Energy and Infrastructure of the United Arab Emirates and the Ministry of Maritime Affairs of Pakistan will coordinate and oversee the implementation of the agreement.
The implementation of the agreement will take place with the signing of the agreement by the two countries, which is valid for five years and can be extended by mutual agreement.
In the event of termination of the framework contract, the resulting contractual agreements remain unaffected.
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